Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2010 quarter 4 report (number in '000):-
- The increase revenue came mainly from the Leisure & Hospitality Division with the commencement of operations of Resorts World Sentosa (“RWS”) in Singapore in the first quarter of this year. Revenue from Resorts World Genting (“RWG”) increased mainly due to better luck factor in the premium players business. The revenue from the UK casino operations decreased mainly due to poor luck factor and the weaker Sterling Pound. However, the business volume has shown improvement over the previous year’s corresponding quarter
- Increased revenue from the Plantation Division was due to higher palm products prices
- The lower revenue from the Power Division was due to lower generation of electricity by both the Kuala Langat and the Meizhou Wan power plants
- The lower revenue from the Oil & Gas Division was due to the disposal of Genting Oil & Gas (China) Limited
- EBITDA of RWS was higher in the current quarter due to the improvement in revenue substantially contributed by the increase in the volume of premium players’ business, with significant contribution from Universal Studios Singapore and the hotels
- The profit before tax of the Group in the preceding quarter included a one-off net gain of RM413.6 million arising from Deferred Consideration and net impairment losses of RM250.6 million, whilst a loss of RM145.4 million arising from loss on discontinuance of cash flow hedge accounting using IRS was recorded in the current quarter
- Estimate next 4Q eps after 2010 Q4 result announced = 0.14*4*1.05 = 0.588, estimate PE on current price 10.76 = 18.17(DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0945*4 = 0.3781, estimate highest/lowest PE = 31.49/26.22 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1985*4 = 0.794, estimate highest/lowest PE = 13.53/11.22 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2813*1.15 = 0.3235(15% increased), estimate highest/lowest PE = 21.54/2 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0661*4 = 0.2644, estimate highest/lowest PE = 26.77/23.18 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0999*4 = 0.3996, estimate highest/lowest PE = 19.09/15.62 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0577*4 = 0.2308, estimate highest/lowest PE = 33.23/27.64 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0574*4 = 0.2296, estimate highest/lowest PE = 28.88/23 (DPS 0.07)
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| Market Capital (Capital Size) | 39,961,249,485 (Very Large) |
| Par Value | RM 0.10 |
My Analysis
| Forecast P/E now | (10.76-0.078)/0.588 = 18.17 (High) |
| Target Price | 10.58+0.078 = 10.66 (PE 18.0, EPS 0.588, DPS 0.078) |
| Decision | Not buy unless price below 10.2 |
| Comment | Revenue increased 4.5% and also higher than preceding year corresponding quarter 76.1%, eps decreased 39.1% but higher than preceding year corresponding quarter 90%, cash generated from operating is enough to cover repayment of financing activities but due to more investing activities hence will require increase borrowings, liquidity ratio slightly increased at high level now, gearing ratio decreasing at high level now, payables decreasing but still high, CPO price increasing |
| First Support Price | 10.0 |
| Second Support Price | 9.8 |
| Risk Rating | MODERATE |
Research House
| UOB Target Price | 12.54 (2011-01-12) |
| Credit Suisse Target Price | 13.5 (2011-01-13) |
| CIMB Target Price | 15.5 (2011-02-07) |
| TA Target Price | 13.26 (2011-02-18) |
| HwangDBS Target Price | 14.3 (2011-02-24) |
| Maybank Target Price | 12.58 (2011-02-24) |
| RHB Target Price | 12.4 (2011-03-01) |
| Macquarie Target Price | 11.6 (2011-04-06) |
Accounting Ratio
| Return on Equity | 7.47% |
| Dividend Yield | 0.72% |
| Profit Margin | 28.95% |
| Tax Rate | 31.83% |
| Asset Turnover | 0.31 |
| Net Asset Value Per Share | 4.19 |
| Net Tangible Asset per share | 3.17 |
| Price/Net Tangible Asset Per Share | 3.27 |
| Cash Per Share | 4.41 |
| Liquidity Current Ratio | 3.2611 |
| Liquidity Quick Ratio | 3.1706 |
| Liquidity Cash Ratio | 2.7703 |
| Gearing Debt to Equity Ratio | 1.2626 |
| Gearing Debt to Asset Ratio | 0.3992 |
| Working capital per thousand Ringgit sale | 87.9% |
| Days to sell the inventory | 23 |
| Days to collect the receivables | 55 |
| Days to pay the payables | 176 |
My notes based on 2010 quarter 4 report (number in '000):-
- The increase revenue came mainly from the Leisure & Hospitality Division with the commencement of operations of Resorts World Sentosa (“RWS”) in Singapore in the first quarter of this year. Revenue from Resorts World Genting (“RWG”) increased mainly due to better luck factor in the premium players business. The revenue from the UK casino operations decreased mainly due to poor luck factor and the weaker Sterling Pound. However, the business volume has shown improvement over the previous year’s corresponding quarter
- Increased revenue from the Plantation Division was due to higher palm products prices
- The lower revenue from the Power Division was due to lower generation of electricity by both the Kuala Langat and the Meizhou Wan power plants
- The lower revenue from the Oil & Gas Division was due to the disposal of Genting Oil & Gas (China) Limited
- EBITDA of RWS was higher in the current quarter due to the improvement in revenue substantially contributed by the increase in the volume of premium players’ business, with significant contribution from Universal Studios Singapore and the hotels
- The profit before tax of the Group in the preceding quarter included a one-off net gain of RM413.6 million arising from Deferred Consideration and net impairment losses of RM250.6 million, whilst a loss of RM145.4 million arising from loss on discontinuance of cash flow hedge accounting using IRS was recorded in the current quarter
- Estimate next 4Q eps after 2010 Q4 result announced = 0.14*4*1.05 = 0.588, estimate PE on current price 10.76 = 18.17(DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0945*4 = 0.3781, estimate highest/lowest PE = 31.49/26.22 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1985*4 = 0.794, estimate highest/lowest PE = 13.53/11.22 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2813*1.15 = 0.3235(15% increased), estimate highest/lowest PE = 21.54/2 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0661*4 = 0.2644, estimate highest/lowest PE = 26.77/23.18 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0999*4 = 0.3996, estimate highest/lowest PE = 19.09/15.62 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0577*4 = 0.2308, estimate highest/lowest PE = 33.23/27.64 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0574*4 = 0.2296, estimate highest/lowest PE = 28.88/23 (DPS 0.07)
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